CBN Reforms Strengthening Naira, Stabilising Markets — United Capital Predicts N1,360 To A Dollar By Year End
The Group Chief Executive Officer of United Capital Plc, Peter Ashade, has said the ongoing economic reforms by the Central Bank of Nigeria are reshaping the country’s economy and setting the stage for sustained financial market stability and naira appreciation.
Ashade made the remarks on Wednesday during the United Capital Investor Relations Connect in Lagos, themed Decoding Performance: Insights Into United Capital’s Growth Drivers And Outlook.
He told stakeholders that policy adjustments aimed at correcting structural imbalances are opening new opportunities across key sectors.
“A few weeks ago, they ranked Nigeria as the best-performing stock market in the entire world in dollar terms, so people are taking positions,” Ashade said.
“What are you doing? I look for opportunities within the problems, and I take a position; that is what I think every one of us should do.”
The Chief Economist at United Capital Group Plc, Ayodele Akinwunmi, said easing pressure on foreign exchange, driven by growing local processing capacity, will be a major catalyst for the naira.
“Our outlook is saying N1,360 to a dollar to end the year, which means that year-on-year we are going to have an appreciation of the naira against the dollar,” Akinwunmi said.
He explained that with local refining capacity reducing demand for imported refined petroleum products — a sector that previously accounted for 25 to 30 per cent of forex utilisation — forex demand has dropped.
“If a sector that used to contribute about 25 to 30 per cent of foreign exchange utilisation, refined petroleum products, now has local capacity, that demand has been removed. By the law of demand and supply, lower demand for foreign exchange means the value of the naira will appreciate,” he stated.
Akinwunmi also said government policies restricting raw material exports will create jobs and value locally.
“We should be optimistic about the Nigerian economy due to structural policy changes opening up opportunities across various sectors. The government says that we should not be exporting raw materials, and that is a huge opportunity for us to add value to the things that we produce here in Nigeria. When we export crude, we are exporting jobs,” he added.
Speaking on United Capital’s regional growth plans, Akinwunmi acknowledged the risks but said the firm’s research-driven approach helps it navigate new markets.
“The risks of expanding across Africa are real. As students of financial management know, where there is risk, there is return. What has helped us thus far is focusing on the inherent opportunities within the challenges rather than just the obstacles,” he said.
The Group Chief Finance Officer, Shedrack Onakpoma, reaffirmed the company’s commitment to strategic execution and shareholder value.
“Our strategic decision to retain a portion of profits, such as declaring a 30 kobo per share interim dividend, is aimed at reinvesting in high-return market opportunities. By retaining capital now to fund strategic expansion, we maximise returns and drive long-term value creation for shareholders by the end of the year,” he said.
The Managing Director and CEO of United Capital Asset Management Limited, Odiri Oginni, highlighted four pillars driving the firm: building new products and markets, resilience through market cycles, strong human capital, and robust governance.
“The pride of United Capital is in its people… governance is critical for us. The hallmark of being a financial institution is trust,” she said.
According to its unaudited financial statements filed with the Nigerian Exchange Limited, United Capital Plc recorded:
– Profit Before Tax: N24.78bn, up 80% YoY from N13.79bn in H1 2025
– Gross Earnings: N37.49bn, up 58% YoY from N23.76bn
– Profit After Tax: N21.10bn, up 77% YoY from N11.89bn
– Annualised Earnings Per Share: 234 kobo, up 77% YoY
